Tartisan Nickel Corp. Completes Phase 2 Construction on the Kenbridge
What other dynamics are affecting nickel supply? If you’re interested in getting exposure to the market, you should be aware of the factors at play. To get you started, here’s a look at the top nickel-producing countries.
1. Indonesia
Nickel production: 2.2 million metric tons
Indonesia’s produced a whopping 2.2 million metric tons of nickel in 2024, accounting for more than 50 percent of global output. Claiming first place for production by a long shot, Indonesia is a prime example of a country wanting to get in on the exploding market for nickel. Indonesia also hosts 55 million metric tons of nickel reserves.
Indonesia’s output of the base metal has grown tremendously from its 2017 production of 345,000 metric tons. The nation is actively building out its EV battery industry, and Indonesia’s close proximity to China, the world’s current leader in EV manufacturing, makes for an ideal setup. In May 2021, the country welcomed the commissioning of its first plant to process nickel for use in EV batteries.
“In just three years, Indonesia has signed more than a dozen deals worth more than $15 billion for battery materials and EV production with global manufacturers,” Euronews reported in early 2023.
Major auto maker Ford (NYSE:F) announced in December 2023 that it is taking a direct stake in the proposed US$3.8 billion Pomalaa battery nickel plant, which is planned to produce 120,000 MT of nickel annually using high pressure acid leaching technology.
Zhejiang Huayou Cobalt, one of the world’s largest nickel producers, has a 73.2 percent stake in the project, followed by Vale (NYSE:VALE) at 18.3 percent. Ford has agreed to an initial 8.5 percent interest, with an option to raise it to 17 percent. As of late 2024, Huayou is seeking out banks for roughly US$2.7 billion in financing.
The country’s nickel industry has seen several significant changes in 2025, with Indonesia responding to falling prices by significantly cutting its nickel mining quotas and announcing plans to introduce stricter environmental, social and governance practices in its resource industries.
2. Philippines
Nickel production: 330,000 metric tons
In 2024, the Philippines produced 330,000 metric tons of nickel. The country has been one of the top nickel-producing countries for quite some time, as well as a significant nickel ore exporter. Another country in close proximity to China, the Philippines currently has more than 30 nickel mines, including Rio Tuba, operated by Nickel Asia, one of the nation’s top nickel ore producers.
2023 was a big year for the country’s nickel mines as total production jumped from 345,000 to 413,000 MT. That surge was projected to continue as two of the Philippines’ biggest nickel producers, Nickel Asia and Global Ferronickel, were planning to invest about a combined US$2 billion to build new nickel-processing plants,
